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After two world wars, Europeans saw economic unification as an antidote to deadly nationalism. Technology complemented politics. Ever, before the Internet, declining costs for communication and transportation—from jet planes, better undersea telephone cables and satellites—favored more global commerce. By the early 1990s, world exports (after adjusting for inflation) were nearly 10 times higher than they had been four decades earlier.
兩次世界大戰之后，歐洲人把經濟一體化看作對付沉悶的民族主義的一劑良藥。技術與政治相輔相成。（在因特網發明之前，噴氣式飛機、質量更好的海底通信電纜與人造衛星等技術使得通訊和交通成本持續下降，這有利于全球貿易的發展。到了20世紀90年代初期，全球出口量（去除價格上漲因素）幾乎比40多年前高出了10倍。
Globalization continues this process but also departs from it in at least one critical respect. Until recently, countries were viewed as distinct economic entities, connected mainly by trade. Now, this is becoming less true. Companies and financial markets increasingly disregard national borders when making production, marketing and investment decisions.
全球化使這一經濟進程持續著，但同時至少在一個關鍵方面發生了變化。直到不久前，國家一直被視為主要通過貿易來聯結的獨立經濟實體。現在，情況已經不完全是這樣了。各公司和金融市場在對生產、銷售與投資進行決策時越來越不顧及國家間的界線了。
As recently as 1990, governments—either individually or through such multilateral institutions as the World Bank—provided half the loans and credits to 29 major developing countries (including Brazil, China, India, South Korea and Mexico), according to the Institute of International Finance, a banking industry research group in Washington.
就在1990年，據位于華盛頓的一家銀行業研究機構——國際金融研究所的統計，由政府——不管是各自單獨行動，還是通過像世界銀行這樣的多邊機構——向29個主要發展中國家（包括巴西、中國、印度、韓國與墨西哥）提供了占半數的貸款和信貸。
A decade later, even after Asia's 1997-1998 financial crisis, private capital flows dwarf governmental flows.
十年后，甚至在1997到1998年的亞洲金融危機之后，私人資金流量已使政府資金流量相形見絀。
